

#()'*)$#( #()!!)$#

=CA>3D2C8>=

d%'*#
('- .!,*
*<FDH8 78 5?8FFHE8F
8 ?4I8p?<A:8 8FG ?BHE7 +BH?8I8Mp?8
4I86 CEH78A68
.8<??8M 5<8A _ B5F8EI8E GBHF ?8F
4I8EG<FF8@8AGF 8G @<F8F 8A :4E78
dABA6dF 6<p78FFBHF
+(
$8F GHL4HK 9?8K<5?8F :8?dF C8HI8AG F8
7d6;<E8E  d6?4G8E &<AFG4??8M C4F 68
?4I8p?<A:8 8A C?8<A 4<E BH 74AF HA
8A7EB<G 8KCBFd 4H :8?
$8F CEdF8AG8F <AFGEH6G<BAF 7HG<?<F4G<BA
FBAG 78FG<Ad8F _ 78F <AFG4??4G8HEF
DH4?<9<dF 'HGE8 68F <AFGEH6G<BAF 8G
?BEFDH8 IBHF <AFG4??8M ?8 ?4I8p?<A:8
HK G4GFp-A<F 6BA9BE@8MpIBHF
4H &4G<BA4? ?86GE<6 B78
&+!&(  8A FBA d7<G<BA ?4
C?HF Ed68AG8  8A 6BA9BE@<Gd 4I86
?4 Ed:?8@8AG4G<BA d7<6Gd8 C4E ?G4G
78 EdF<78A68 ?4 Ed:?8@8AG4G<BA
@HA<6<C4?8 8GBH ?B64?8
H ���4A474 8A 6BA9BE@<Gd 4I86 ?8
B78 ?86GE<DH8 4A47<8A 
8A FBA d7<G<BA ?4 C?HF Ed68AG8
8A 6BA9BE@<Gd 4I86 ?4
Ed:?8@8AG4G<BA d7<6Gd8 C4E ?4
CEBI<A68 78 EdF<78A68 ?4
Ed:?8@8AG4G<BA @HA<6<C4?8 8GBH
?B64?8
+< ?8 ?4I8p?<A:8 7B<G eGE8 <AFG4??d 74AF
HA8 C<c68 8KCBFd8 4H :8? BH 74AF HA8
EdF<78A68 F86BA74<E8 98E@d8 C8A74AG
?;<I8E IBHF 34EA4I I<74A:8E GBHG8
?84H CEdF8AG8 74AF ?4 CB@C8 8G 74AF
?8F 9?8K<5?8F 74EE<Id8 784H
.8<??8M _ A8 C4F 8A7B@@4:8E ?8
?4I8p?<A:8
$BEFDH8 IBHF ?8 FBH?8I8M A8 ?8
F4<F<FF8M C4F C4E F8F C4EG<8F F4<??4AG8F
?8 ;H5?BG C4E 8K
'HGE8 ?8F <AFGEH6G<BAF 78 Fd6HE<Gd
dABA6d8F <6< IBHF 78IE8M E8FC86G8E ?8F
CE8F6E<CG<BAF FCd6<4?8F d7<6Gd8F C4E
IBF 6B@C4:A<8F ?B64?8F 78 7<FGE<5HG<BA
784H 8G 7d?86GE<6<Gd
A 64F 78 7BHG8 6BA9<8M ?8
E466BE78@8AG _ HA G86;A<6<8A 4:Edd

=5>A<0C8>=B BDA ;0<8B4

0D A41DC

"8B4 0D A41DC 34 ;4<10;;064
$8@54??4:8 78KCd7<G<BA CEBGc:8 IBGE8
ABHI8? 4CC4E8<? C8A74AG FBA GE4AFCBEG
=HFDH8 6;8M IBHF ,BHF ?8F @4GdE<4HK
6B@CBF4AG ?8@54??4:8 FBAG
d6B?B:<DH8F 8G E86L6?45?8F (BHE
6BAGE<5H8E IBHF 4HFF< _ ?4 CEBG86G<BA 78
?4 A4GHE8 @8GG8M ?8F @4GdE<4HK
78@54??4:8 4H E85HG 78 94bBA
E8FC86GH8HF8 78 ?8AI<EBAA8@8AG
BAFH?G8M IBGE8 E8I8A78HE BH
?47@<A<FGE4G<BA @HA<6<C4?8 CBHE
6BAA4gGE8 ?8F @8<??8HEF @BL8AF
7d?<@<A8E ?8@54??4:8
d+')(("#)
BAF8EI8E ?8F 64EGBAF 78KCd7<G<BA
8G 7<I8EF d?d@8AGF 78@54??4:8 ;BEF
78 CBEGd8 78F 8A94AGF CBHE dI<G8E
GBHG E<FDH8 78 FH99B64G<BA 4FFB6<d8
4HK 8AI8?BCC8F 78 C?4FG<DH8 8G 4HK
64EGBAF C?<4AGF
"8B4 0D A41DC 34 ;0=284= 0??0A48;
$8F 4CC4E8<?F 4A6<8AF A8 FBAG C4F 78F
7d6;8GF F4AF I4?8HE -AE86L6?4:8
E8FC86GH8HK 78 ?8AI<EBAA8@8AG
C8E@8G 78 Ed6HCdE8E 78 CEd6<8HF8F
@4G<cE8F CE8@<cE8F
d+')(("#)
+< ?4CC4E8<? 8FG <AHG<?<F45?8
7d5E4A6;8M?8 78 ?4 CE<F8 78
6BHE4AG 6BHC8M ?8 6BE7BA
74?<@8AG4G<BA 8G =8G8M?8 (BHE
8@Ce6;8E ?8F 8A94AGF 78 F8A98E@8E
_ ?<AGdE<8HE 78 ?4CC4E8<? E8G<E8M ?8
;H5?BG 7H ?4I8?<A:8

%A>C42C8>= 34

;4=E8A>==4<4=C

&D4BC8>=B 3V2>;>684

.BGE8 ABHI84H ?4I8p?<A:8 HG<?<F8
899<6468@8AG ?84H ?d?86GE<6<Gd 8G ?8
CEB7H<G ?8FF<I<8? DH<? 6BAFB@@8
@dA4:84AG 4<AF< _ ?4 9B<F
?8AI<EBAA8@8AG 8G ?8 5H7:8G 78 IBGE8
@dA4:8
-G<?<F8M IBGE8 ?4I8p?<A:8 78 @4A<cE8
899<6468 8G E8FC86GH8HF8 78
?8AI<EBAA8@8AG
I<G8M 78 @8GGE8 GEBC 78 CEB7H<G
?8FF<I<8?
-G<?<F8M ?8 7dG8E:8AG dG<DH8Gd
CBHE B5G8A<E HA8 899646<Gd d?8Id8
4I86 ?8F ?4I8?<A:8 _ 6;4E:8@8AG
9EBAG4?
=BHG8M 7H CEB7H<G ?8FF<I<8? 8A
9BA6G<BA 7H 78:Ed 78 F4?<FFHE8 78
?4 DH4AG<Gd 78 ?<A:8 8G 78 ?4 7HE8Gd
78 ?84H *8FC86G8M ?8F
<AFGEH6G<BAF 7H 945E<64AG 7H CEB7H<G
?8FF<I<8?

>=5>A<8CV 3DC8;8B0C8>=

.BGE8 ?4I8p?<A:8 8FG 78FG<Ad _
-A HF4:8 7B@8FG<DH8
HA<DH8@8AG
$4I8E 78F G8KG<?8F ?4I45?8F 8A
@46;<A8 74AF ?8 54<A ?8FF<I<8?
$4I8E _ ?4<78 784H 7H EB5<A8G
9EB<78 8G 6;4H78  ° ° 8G
7477<G<9F 6BAI8AG<BAA8?F 474CGdF
_ ?8@C?B< 8A ?4I8p?<A:8
7B@8FG<DH8F

@D8?4<4=C 5>DA=8

3>A868=4

.BGE8 ?4I8p?<A:8 4 dGd 9BHEA<
466B@C4:Ad 7HA C4DH8G
74668FFB<E8F .dE<9<8M DH8 ?8F
4668FFB<E8F 9BHEA<F 4I86 IBGE8 @B7c?8
9<:HE8AG 4H 6B@C?8G +< 78F C<c68F
@4ADH8AG CEdI8A8M <@@d7<4G8@8AG
IBGE8 E8I8A78HE
224BB>8A4B ?AVB4=CB 30=B ;4
C0<1>DA
 ,HL4H 9?8K<5?8 74EE<Id8 784H 9EB<78
@4EDHd 8A 5?8H
 ,HL4H 9?8K<5?8 74EE<Id8 784H
6;4H78 @4EDHd 8A EBH:8
 ,HL4H 9?8K<5?8 78 I<74A:8 78 ?84H
 +46;8G 74668FFBE<8F IB<E
6<78FFBHF